Car payment example A fully electric car can be purchased for 200,000, or for a down payment, plus 5 equal end of year payments, with an interest rate of 10%. Determine the annual payment. If state law allows for tax deduction of even car payment interest (to encourage purchase of clean-energy cars), what is the deductible interest each year? 

Answer rating: 100% (QA)

To determine the annual payment for the electric car with a down payment we first need to calculate ... View the full answer